Steven King and George Romero had nothing to do with this movie. I didn't see this movie but I could just imagine it being a crash-grab. If they ever do make a real Creepshow 3 it should have those two involved with it.
Somehow Taurus Entertainment gained licensing to two franchises. This allowed them to make CREEPSHOW 3 in pretty much name only, and a DAY OF THE DEAD 2 that nobody anywhere asked for ever.
They were planning an internet series "CREEPSHOW RAW," but it only lasted one episode. It's been years, and I never got a reply from Taurus about CREEPSHOW 4. I would assume at this point they no longer own the franchise.